The best-kept secret of Bulgarian energy was exposed to the public after the Anti-Corruption Fund (ACF) released an investigation titled “Uncle Trevichko’s Holding” – a documentary bombshell that identifies businessman Hristo Kovachki as the true conductor of an energy cartel comprising over 150 companies, all hidden behind the absurdly innocent nickname “Uncle Trevichko.”
According to the fund, the scheme involves unregulated bonuses to officials, six-figure loans to politicians, and even a protective umbrella that peers into the offices of the European Prosecutor’s Office, allegedly warning in advance of its investigations.
At the heart of the scandal lies “Orion” – an energy “behemoth” comprising over 150 companies with seemingly unrelated owners. However, internal archives bearing the stamp “Uncle Trevichko” reveal that all roads lead to a single address: chichkotrevichko112@gmail.com. It is from there that orders are issued, reshaping the market for electricity, gas, coal, and even carbon allowances across Bulgaria.
The documents described by the Anti-Corruption Fund (ACF) as the “black box” of the holding provide, for the first time, proof that Kovachki is not merely a consultant but the sole conductor controlling an empire with an annual turnover exceeding 5 billion leva. His vast control extends to 11 thermal and electric plants, several coal mines, fleets of energy traders, and even pension and insurance businesses.
Every order he issues bears a child’s stamp featuring animated characters—the secret “signature” that renders internal rules powerless. “If you see that stamp, it’s the law of God,” confesses an employee, while changing stamps are treated as military codes. Managers daring to ask questions end up signing orders for millions, becoming hostages to their own boss.
The cartel is concealed behind an international puzzle of over 70 offshore companies—British owners of coal-fired power plants, Cypriot district heating companies, and Seychelles mini-firms. This structure allows money to flow through tax loopholes, while government oversight bodies watch as outdated power plants accumulate pollution permits and pass them on to “someone else.”
A leaked order from 2022 reveals how the Bobov Dol Power Plant was instructed to sell electricity to “Nomad Energy” at 176 BGN/MWh—three and a half times below the market price. The result: “Nomad” reports a turnover of 2.7 billion BGN and a profit of 241 million BGN, while the plant’s official balances show barely any profit—just a few pennies. In 2023 alone, the hidden undistributed profit of the holding exceeds 920 million BGN, while the National Social Security Institute (NSSI) waits for unpaid social contributions.
To keep the machine running smoothly, the Anti-Corruption Fund (ACF) uncovers a “carrot and stick” scheme—monthly “incentives” of 2,000 BGN for the chief architect of Bobov Dol, multi-million record orders for key managers, an 800,000 BGN loan to a former diplomat, and nearly 2 million BGN in debt registered in the name of an active MP. Just before the 2022 elections, company executives received emails asking them to send “trustworthy individuals” for candidacy—guaranteeing that “Uncle Trevichko” would have a legal voice in the parliament.
The scheme’s reach extends to every Bulgarian household: coordinated maneuvers by traders associated with Kovachki distort the market and push up prices for almost all goods and services, while investments in cleaner technologies vanish into offshore smog.
“We call on all competent authorities to act promptly and responsibly,” urged Boyko Stankushev, director of the ACF, emphasizing that what was published is just the first episode of a series promising to unravel the entire energy octopus.
